Pidilite Q2 FY27 Results Show 21.1% Sales Growth

Pidilite Industries reported higher revenue and profit for the September 2026 quarter, supported by double-digit underlying volume growth across its main operating segments. Consolidated net sales rose 21.1% year-on-year to ₹4,285 crore in Q2 FY27. Consolidated profit after tax increased 7.1% to ₹626 crore, according to the detailed company-results information provided. The company also reported pressure from input costs, which limited the pace of earnings growth relative to revenue.

A separate source alert cited consolidated Q2 net profit of ₹615 crore, compared with ₹579 crore a year earlier, and said this was below a ₹668 crore market estimate. Those figures are described in the source material as not independently verified. The detailed results data cites ₹626 crore as consolidated PAT, so investors should rely on the company’s exchange filing and audited or reviewed financial statements for the final reported number.

Consolidated Sales Rise Above ₹4,000 Crore

Pidilite’s consolidated net sales for Q2 FY27 stood at ₹4,285 crore, up 21.1% from the corresponding quarter of the previous year. The increase reflects continued demand across the company’s consumer-facing products and business-to-business operations. The September quarter covers the period from July 1, 2026, to September 30, 2026.

For the first half of FY27, consolidated net sales reached ₹8,826 crore, an increase of 21.2% year-on-year. This indicates that the growth seen in the June quarter continued into the September quarter. The company’s Q1 FY27 consolidated revenue had increased 21.3% year-on-year, supported by underlying volume growth of 11.3%.

Volume Growth Supports Quarterly Performance

Pidilite reported underlying volume growth of 10.7% for the September quarter. Volume growth is an important measure for the company because it shows sales expansion before the impact of price changes and product mix. The figure suggests that revenue growth was supported by higher sales volumes rather than pricing alone.

For the first half of FY27, underlying volume growth was 11.0%. This followed the 11.3% volume growth reported in Q1 FY27. The sustained double-digit volume trend is notable against the backdrop of higher input costs that affected operating margins during the quarter.

Consumer and Bazaar Segment Grows 20.7%

The Consumer & Bazaar, or C&B, segment recorded revenue growth of 20.7% in Q2 FY27. Underlying volume growth in this segment was 11.1%. This business includes Pidilite’s consumer-oriented offerings and is a major contributor to its overall sales base.

The segment’s performance helped underpin the company’s consolidated revenue increase. The disclosed numbers show that demand growth remained broad enough to support both sales value and volumes. The material provided does not give a separate absolute quarterly revenue figure for the Consumer & Bazaar segment.

B2B Revenue Expands Despite Lower Volume Growth

Pidilite’s business-to-business segment reported revenue growth of 21.8% in Q2 FY27. Underlying volume growth for the segment was 9.2%, lower than the Consumer & Bazaar segment’s 11.1% but still positive. The difference between revenue and volume growth indicates that price and product mix may also have contributed to B2B sales growth.

The company operates in adhesives, sealants and construction chemicals, where business demand can be linked to industrial activity and construction-related consumption. The reported segment data shows that both major divisions contributed to quarterly growth. However, the source material does not provide segment-level profit or margin figures.

EBITDA Growth Trails Revenue Growth

Consolidated EBITDA rose 3.1% year-on-year in Q2 FY27, while the EBITDA margin was 20.5%. The slower EBITDA growth compared with the 21.1% rise in consolidated sales points to the effect of cost pressure during the quarter. The company specifically cited input-cost pressures while reporting its results.

Pidilite said it maintained margins through cost management measures. On a standalone basis, EBITDA margin for the quarter was 20.4%. For the first half of FY27, standalone EBITDA increased 14% and the margin was 23.5%, with the company attributing the performance to pricing actions and disciplined cost management amid input-cost inflation.

Profit Rises, but Reported Figures Differ

The detailed results information states that consolidated PAT increased 7.1% year-on-year to ₹626 crore in Q2 FY27. Standalone PAT rose 10.4% to ₹647 crore. For the first half, consolidated PAT grew 19.6% to ₹1,510 crore, while standalone PAT increased 19.5% to ₹1,477 crore.

The separate alert’s ₹615 crore consolidated-profit figure differs from the ₹626 crore number in the detailed results summary. It also compares the figure with ₹579 crore in the prior-year period and a consensus estimate of ₹668 crore. Since that alert is explicitly marked as not independently verified, the discrepancy should be treated with caution until the company’s formal financial statements are checked.

Key Financial Metrics

First-Half Results Show Continued Momentum

In the first half of FY27, Pidilite’s standalone net sales rose 22.0% to ₹8,219 crore. Consolidated net sales rose 21.2% to ₹8,826 crore. These figures show that the company entered the second half of the financial year with a larger revenue base than a year earlier.

The source material also notes a ₹14.41 crore transaction gain related to the BuildNext share swap in H1 consolidated earnings. This is relevant when comparing half-year profit figures because transaction-related gains can affect reported earnings. The supplied information does not provide further detail on the accounting treatment or timing of this gain.

Earnings Call Scheduled for October 29

Pidilite had scheduled its Q2 FY27 earnings call for October 29, 2026, at 3:30 pm IST. Managing Director Sudhanshu Vats and Joint Managing Director Kavinder Singh were named to lead the management discussion. The call was to be hosted by ICICI Securities under SEBI’s disclosure requirements.

The discussion could provide more detail on raw-material costs, pricing actions, category demand and the outlook for operating margins. These are the main areas to watch after a quarter in which revenue and volumes grew strongly but EBITDA expansion remained modest. Investors will also be able to seek clarification on the reported-profit figures and any exceptional or transaction-related items.

What the Results Mean for Investors

Pidilite’s Q2 FY27 performance shows continued sales momentum, with consolidated revenue above ₹4,000 crore and double-digit underlying volume growth. The Consumer & Bazaar and B2B segments both recorded revenue growth above 20%. At the same time, the narrower increase in EBITDA and profit relative to sales highlights the effect of input-cost pressure.

The next confirmed event is the October 29 earnings call, where management commentary may add context to volumes, pricing and margins. The final assessment of quarterly profitability should be based on the company’s formal financial disclosures, particularly given the difference between the detailed consolidated PAT figure and the unverified source alert.